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The Learning Company
The Learning Company (TLC) is an American educational software company, currently owned by Houghton Mifflin Harcourt. It produced a grade-based system of learning software and tools to improve productivity. Products for preschoolers through second graders include Reader Rabbit, and software for more advanced students include The ClueFinders. The company is also known for publishing licensed educational titles featuring characters such as Arthur, Scooby-Doo, Zoboomafoo, and Caillou. Founding and ownership The learning company was founded in 1980 by Ann McCormick, Leslie Grimm, Teri Perl, and Warren Robinett, a former Atari employee who had programmed the popular game Adventure. They saw the Apple II as an opportunity to teach young children concepts of math, reading, science, problem-solving, and thinking skills. Part of the original funding for the company came from a National Science Foundation grant. TLC produced launch titles for the PCjr, announced in late 1983. From 1980 through 1984, it created a line of 15 widely acclaimed children's educational software products, which were sold through the U.S. retail and school computer software channels. In the first half of 1985, with little of the initial investment remaining, the Board hired as CEO Bill Dinsmore, a former McKinsey & Company consultant with a 15-year track record turning around and building high quality consumer product lines. He immediately initiated a "customer-driven" approach to analyze TLC’s product offering, improve the effectiveness and engagement of each product, and to identify opportunities to develop new ones. Shortly after Mr. Dinsmore was hired, Reece Duca, a founding Partner of the Investment Group of Santa Barbara (IGSB), became a member of the Board of Directors and purchased shares from several founders and original venture firms. In late 1986, Mr. Duca was elected Chairman of the Board and for the next decade he devoted a significant amount of his time to help TLC develop and refine a successful business model and strategy for this nascent industry. IGSB became The Learning Company's largest shareholder. During the 10 year period from 1985 to 1995, TLC’s revenues grew at a 36% compounded rate from $2.4M to $53.2M and profitability increased from breakeven in 1985 to a 20% pre-tax margin. The leading families of products were the "Reader Rabbit" series for ages 2-8, the "Treasure Mountain" Reading-Math-Science series for ages 5-9, the "Super Solver" series for ages 7-12, the "Student Writing & Publishing Center" for ages 7-adult, and the "Foreign Language Learning" series for ages 15-adult. TLC went public on April 28, 1992 in an IPO led by Morgan Stanley and Robertson, Stephens & Co. From 1992 to 1995, TLC achieved 16 consecutive quarters of revenues and profits growth, never experiencing a down quarter or year. TLC’s early struggles, followed by 10 consecutive years of outstanding performance, were the subject of case studies at both Harvard and Stanford universities. Softkey acquisition In 1995, TLC was acquired by Softkey for $606M. Subsequent to the acquisition, TLC was reformed from the merger of WordStar, Spinnaker, and SoftKey Software. Prior to that, SoftKey was a Canadian company that was founded by Kevin O'Leary and traded on the Toronto Stock Exchange. During the years following the three-way merger, the combined company was led by Michael J. Perik as CEO, Kevin O'Leary as President and R. Scott Murray as CFO. TLC acquired many leading brands through acquisitions of such companies as Broderbund, MECC, Mindscape, and Creative Wonders. The company held some of the best-known educational, entertainment and home productivity brands in the market. These included Reader Rabbit, Carmen Sandiego, The Oregon Trail, Myst, Riven, The Print Shop, and PrintMaster. The software sold in retail chains and in direct mail channels across Europe, and in the OEM channels as well as creating one of the first online imaging models in the market. In 1996, SoftKey changed its name to "The Learning Company". Mattel acquisition and rapid devaluation In the fall of 1998, Mattel agreed to acquire The Learning Company in a stock-for-stock merger valuing the company at approximately $4.2 billion. Mattel sold The Learning Company as well as Mattel Interactive in 2000 at a loss to Gores Technology group. The total financial losses to Mattel have been estimated to be as high as $3.6 billion. Mattel's acquisition of The Learning Company has been referred to as "one of the worst acquisitions of all time" by several prominent business journals. In 2014, Houghton Mifflin Harcourt acquired the Learning Company brand and IP. They released several book sets under the brand umbrella, including Oregon Trail Adventures, The Little Box of Love, and The Little Box of Laughs. The company is currently offering the Super Solvers, MindPower, and Starflyers brands as licensing opportunities on its website. Software Reader Rabbit / The ClueFinders series * Grade-based titles ** Reader Rabbit Baby ** Reader Rabbit Toddler ** Reader Rabbit Preschool ** Reader Rabbit Preschool: Sparkle Star Rescue ** Reader Rabbit Kindergarten ** Reader Rabbit 1st Grade ** Reader Rabbit 2nd Grade (now sold as Reader Rabbit 2nd Grade: Classic) ** Reader Rabbit 2nd Grade: Mis-cheese-ious Dreamship Adventures ** The ClueFinders 3rd Grade Adventures (1998) ** The ClueFinders 4th Grade Adventures (1998) ** The ClueFinders 5th Grade Adventures (1999) ** The ClueFinders 6th Grade Adventures (1999) * Other titles ** Writer Rabbit (1987) ** Reader Rabbit 1 (1989) ** Reader Rabbit 2 (1990) ** Reader Rabbit 3 (1991) ** Reader Rabbit's Reading Journey (1993) ** Math Rabbit (Later changed to Reader Rabbit Math) ** The ClueFinders Math Adventures (1999) ** The ClueFinders Reading Adventures (1999) ** The ClueFinders Search and Solve Adventures (2000) ** The ClueFinders: The Incredible Toy Store Adventure! (2001) ** The ClueFinders: Mystery Mansion Arcade Zoombinis * Zoombinis Logical Journey (1996) ** Note: This game was remade in 2015. * Zoombinis Mountain Rescue (2001) * Zoombinis Island Odyssey (2002) Super Solvers series * Midnight Rescue! (Later re-released as Super Solvers Reading and then Leap Ahead! 3rd Grade) * OutNumbered! (Later re-released as Leap Ahead! 3rd Grade) * Challenge of the Ancient Empires! (Ancient Empires) * Spellbound! (Later re-released as Leap Ahead! Spelling) * Gizmos & Gadgets! * Mission: T.H.I.N.K. Super Seekers games * Treasure Mountain! (1990) ** Note: This game was originally released as a regular Super Solvers title. * Treasure MathStorm! (1992) * Treasure Cove! (1994) * Treasure Galaxy! (1994) Fisher-Price series * Fisher-Price: Dream Dollhouse (1995) * Fisher-Price: Great Adventures: Castle (1995) * Fisher-Price: Great Adventures: Pirate Ship (1996) * Fisher-Price: Great Adventures: Wild Western Town (1997) * Fisher-Price: Big Action Garage (1998) * Fisher-Price: Big Action Construction (1998) * Fisher-Price: Time to Play Dollhouse (1998) * Fisher-Price: Time to Play Pet Shop (1999) * Fisher-Price: Outdoor Adventures: Ranger Trail (1999) * Fisher-Price: Rescue Heroes: Hurricane Havoc (1999) * Fisher-Price: Toddler (1999) * Fisher-Price: Preschool (1999) * Fisher-Price: Kindergarten (1999) Carmen Sandiego series * Carmen Sandiego's ThinkQuick Challenge (1999) * Where in the World is Carmen Sandiego? Treasures of Knowledge (2001) ** Note: When The Learning Company purchased Brøderbund Software, they gained the rights to the Carmen Sandiego series. Only the Carmen Sandiego games created by The Learning Company are included here. Note that some original Brøderbund games are now sold under The Learning Company name. MindPower series * Mind Power Math: Basic Math * Mind Power Math: High School * Mind Power Math: Pre Algebra * Mind Power Math: Calculus * Mind Power Math: Geometry * Mind Power Math: Algebra 2 * Mind Power Math: Middle School * Mind Power Science Grades 7-12 * Mind Power Science: Biology, Light & Electricity Trail series * Oregon Trail * Amazon Trail * Yukon Trail * Africa Trail * Mayaquest Other games * Prince of Persia 3D (1999) * Real World series ** Operation Neptune (1991) *** Note: This game was eventually added to the Super Solvers series. ** Time Riders in American History ** Math For The Real World * Adventure/puzzle games ** Rocky's Boots (1982) ** Gertrude's Secrets (1984) ** Gertrude's Puzzles ** Robot Odyssey (1984) ** Think Quick! (1987) ** Logic Quest 3D (1996) ** Road Adventures USA * Achieve! games ** Achieve! Math & Science: Grades 1-3 ** Achieve! Phonics, Reading & Writing: Grades 1-3 ** Achieve! Math & Science: Grades 3-6 ** Achieve! Writing & Language Arts Grades 3-6 * Tools and other programs ** All-Star Typing ** The American Girls Premiere ** Read, Write, and Type ** MetroGnomes' Music ** The Children's Writing & Publishing Center ** The Writing Center ** Student Writing Center * Starflyers series ** Starflyers: Royal Jewel Rescue ** Starflyers: Alien Space Chase * PBS Kids series ** Caillou's Magic Playhouse ** Caillou's Four Seasons of Fun ** Caillou's Party Fun and Games ** Zoboomafoo Animal Alphabet ** Zoboomafoo Creature Quest ** Jay Jay the Jet Plane: Jay Jay Earns his Wings ** Jay Jay the Jet Plane: Sky Heroes to the Rescue ** Cyberchase: Carnival Chaos ** Cyberchase: Castleblanca Quest * Other early educational programs ** Magic Spells ** Bumble Games ** Bumble Plot ** Moptown Hotel ** Moptown Parade ** Wordspinner ** Juggles' Rainbow ** Juggles' House ** SpongeBob SquarePants Typing ** Ultimate Children's Encyclopedia Category:Companies